Kindly help me with general accounting question Calculate the net income earned during the year. Assumethat the change to shareholder's equity results only fromnet income earned during the year.AssetsLiabilitiesBalance, Jan. 1, 2015$112,500 $90,000Balance, Dec. 31, 2015 $90,000 $45,000

Step 1: Define Net IncomeNet income is reported on the income statement and shows the amount a…

Answered: Calculate the net income earned during…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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For years ended December 31 Equity Investee Financial Summary, $ millions 2018 2017 2016 Net sales... Gross margin Net income.. Cummins' share of net income. $7,352 $7,050 $5,654 1,373 1,422 1,182 647 680 499 $ 336 $ 308 $ 260 Royalty and interest income.. 58 49 41 Total equity, royalty and interest from investees... $ 394 $ 357 $ 301 Current assets $3,401 1,449 $3,416 1,379 Noncurrent assets Current liabilities.. Noncurrent liabilities.. Net assets... (2,669) (218) (2,567) (237) $1,963 $1,991 Cummins' share of net assets $1,144 $1,116 a. What assets and liabilities of unconsolidated affiliates are omitted from Cummins' balance sheet as a result of the equity method of accounting for those investments? b. Do the liabilities of the unconsolidated affiliates affect Cummins directly? Explain. c. How does the equity method impact Cummins' ROE and its RNOA components (net operating asset turnover and net operating profit margin)?
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Calculate RETURNED ON INVESTED CAPITAL by referring the pictures of Financial Position and Statement of Profit or Loss given with this question.

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Calculate the net income earned during the year. Assume that the change to shareholder's equity results only from net income earned during the year. Assets Liabilities Balance, Jan. 1, 2015 $112,500 $90,000 Balance, Dec. 31, 2015 $90,000 $45,000